We know that business success isn't just about the bottom line or profit margins. It's also about the relationships you build along the way. These relationships, whether with employees, partners, or the broader community, play a pivotal role in shaping your business's reputation and long-term success.Exploring social wellbeing in business – where building strong relationships is key to thriving.
The social wellbeing advantage
Social wellbeing is one of the eight dimensions of wellbeing, as outlined by Dr. Peggy Swarbrick. It involves having healthy relationships with friends, family, and the community. But how does this concept relate to the business world?
Team member engagement
A business is only as strong as its team. Nurturing positive relationships with your team members is essential for a thriving workplace. When your people feel valued, respected, and connected to their colleagues, they’re more likely to be engaged and satisfied with their jobs.
Here are some tips for fostering social wellbeing among your team:
>> Open communication: Create an environment where employees feel comfortable sharing their thoughts and ideas. Encourage regular feedback sessions to address concerns and celebrate successes.
>> Team-Building: Organise team-building events or activities to strengthen bonds among team members. These events can foster camaraderie and collaboration.
>> Recognition: Recognise and reward your team for their hard work and achievements. A simple “thank you” can go a long way in building positive relationships.
Business partners and vendor relationships
In the business world, partnerships and vendor relationships are often the backbone of operations. Whether you’re collaborating with other businesses or relying on suppliers, the quality of these relationships can directly impact your success. Consider the following strategies for enhancing partner and vendor relationships:
>> Clear Communication: Maintain open and transparent communication with your partners and vendors. Clearly define expectations, deliverables, and timelines to avoid
>> Shared Goals: Align your business goals with those of your partners and vendors. When everyone is working toward a common objective, it fosters a sense of unity and
>> Mutual Benefits: Seek opportunities for mutual benefit. A successful partnership should be advantageous for all parties involved. Look for ways to create win-win scenarios.
Community engagement and reputation
Your business doesn’t exist in isolation; it’s part of a larger community. Engaging with and contributing to your community can have a profound impact on your business’s reputation. Here’s how community engagement can benefit your business:
>> Positive Image: When your business actively participates in community events or supports local causes, it builds a positive image. Customers are more likely to support
businesses that care about their communities.
>> Word-of-Mouth Marketing: Satisfied community members can become your best advocates. They’ll spread the word about your business and attract new customers through positive recommendations.
>> Long-Term Sustainability: A business that is integrated into its community is more likely to thrive in the long term. Community support can provide stability during economic ups and downs.
Life is about more than just money. It’s about dreams, values and aspirations and the courage to ask for help! Social wellbeing isn’t just a one-time effort – it’s an ongoing commitment. By prioritising healthy relationships and actively nurturing them, your business can enjoy improved reputation, higher team member engagement and a strong foundation for success.
Amanda returned home to family and friends in Tasmania after working in Sydney, NSW and New York, USA in marketing and media advertising roles. She loves to hike, watch the waves crash and connect with our community.
Amanda describes her working ethos as “people first” and she loves exploring the significant impact the work at Collins SBA has on the lives of entrepreneurs, business owners, their families, and the wider community.